LSE cancels automatic trades in RIL depository receipts
London: The London Stock Exchange has cancelled certain automatic trades that took place in the Reliance Industries depository receipts counter on Monday morning.
A total of 99 "uncrossing and automatic trades" were
cancelled under rule 2120 of the London Stock Exchange (LSE),
wherein the exchange can enforce cancellation of erroneous
"Following the bonus issue in the above stock and the
subsequent trading that has taken place this morning, the
London Stock Exchange has cancelled all automatic trades that
took place prior to 08.36 (hrs) under rule 2120," LSE said in
a statement today.
As per rule 2120, the exchange may, in absolute
discretion, cancel trades across all its markets, either in
response to a request from a member firm or its own violation.
The exchange`s decision regarding an exchange-enforced
cancellation is final.
"Trading was halted in this stock (Reliance) at 8.36 and
continuous trading will be restored shortly following an
auction period of 15 minutes. All orders that are currently on
the order book will be deleted prior to the auction call
period," the statement added.
Bank of New York Mellon Corporation (BNYM), the
overseas depository of RIL GDR facility, would distribute
bonus GDRs in proportion to the outstanding GDR holding as cut
off date to be announced by the BNYM, the LSE added.
RIL`s shareholders at the 35th AGM had approved November
27, 2009 as the record date for determining the shareholders
who will be entitled to bonus issue.
The RIL board had, last month, approved 1:1 issuance of
bonus shares after a 12-year hiatus. The last time RIL
announced a bonus issue was in October 1997.
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